Old National Bancorp (NASDAQ:ONB) Downgraded to Sell at StockNews.com

StockNews.com downgraded shares of Old National Bancorp (NASDAQ:ONB) from a hold rating to a sell rating in a research report report published on Friday.

Several other research firms also recently commented on ONB. Royal Bank of Canada restated a sector perform rating and issued a $18.00 price target on shares of Old National Bancorp in a research note on Tuesday, April 9th. UBS Group lowered their price objective on Old National Bancorp from $20.00 to $19.00 and set a buy rating on the stock in a research note on Wednesday, January 24th. Stephens cut their target price on Old National Bancorp from $22.00 to $21.00 and set an overweight rating for the company in a research report on Wednesday, January 24th. Barclays raised their price target on Old National Bancorp from $20.00 to $21.00 and gave the stock an overweight rating in a research report on Wednesday, April 24th. Finally, Keefe, Bruyette & Woods reaffirmed an outperform rating and set a $20.00 price objective on shares of Old National Bancorp in a research report on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $18.86.

Old National Bancorp Stock Performance

Shares of ONB traded up $0.16 during midday trading on Friday, reaching $17.19. The stock had a trading volume of 1,665,333 shares, compared to its average volume of 2,009,929. The firm has a market cap of $5.48 billion, a PE ratio of 9.29 and a beta of 0.83. The firm has a 50 day simple moving average of $16.52 and a 200-day simple moving average of $16.02. Old National Bancorp has a one year low of $11.66 and a one year high of $17.64. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. Old National Bancorp had a net margin of 20.99% and a return on equity of 11.31%. The firm had revenue of $440.20 million during the quarter, compared to analysts’ expectations of $440.00 million. During the same period in the previous year, the business posted $0.54 earnings per share. The company’s revenue for the quarter was down 3.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Old National Bancorp will post 1.83 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, March 5th were issued a $0.14 dividend. The ex-dividend date was Monday, March 4th. This represents a $0.56 dividend on an annualized basis and a yield of 3.26%. Old National Bancorp’s dividend payout ratio (DPR) is presently 30.27%.

Insider Activity at Old National Bancorp

In related news, CFO Brendon B. Falconer sold 49,375 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $16.28, for a total value of $803,825.00. Following the completion of the transaction, the chief financial officer now owns 88,712 shares in the company, valued at approximately $1,444,231.36. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 1.07% of the stock is owned by company insiders.

Institutional Trading of Old National Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rise Advisors LLC bought a new position in shares of Old National Bancorp in the 1st quarter worth $28,000. Parkside Financial Bank & Trust increased its holdings in Old National Bancorp by 57.2% in the 3rd quarter. Parkside Financial Bank & Trust now owns 2,608 shares of the bank’s stock worth $38,000 after acquiring an additional 949 shares during the last quarter. Quadrant Capital Group LLC grew its holdings in Old National Bancorp by 14.5% during the 4th quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock valued at $136,000 after buying an additional 1,020 shares in the last quarter. Legacy Wealth Asset Management LLC purchased a new position in Old National Bancorp during the 4th quarter valued at about $181,000. Finally, Trust Point Inc. purchased a new position in Old National Bancorp during the 4th quarter valued at about $189,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Company Profile

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.